A small decentralized autonomous organization (DAO) has suffered a rather sizeable smart contract exploit, leading to an estimated $120 million being stolen from its protocol. BonqDAO told its Twitter followers on Feb. 1 that its Bonq protocol was exposed to an oracle hack that allowed the exploiter to manipulate the price of the AllianceBlock (ALBT) token. An independent analysis from blockchain security firm PeckShield has estimated the loss from the Bonq hack to be around $120 million, comprising $108 million from 98.65 million BEUR tokens and $11 million from 113.8 million wrapped-ALBT (wALBT) tokens. While the exploit took effect over several transactions, the largest was $82.19 million at 6:32 pm UTC time on Feb. 1, according to multichain portfolio tracker DeBank. Most of the high-scale transactions took place on the Polygon network. PeckShield explained that the exploiter was able to change the updatePrice function of the oracle in one of BonqDAO’s smart contracts, which meant that they were able to manipulate the price of the wALBT token.
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